Within the last week, the Seattle Times included two articles about First Women in business. They highlight for me the importance of celebrating women’s achievements while placing their accomplishments in perspective.
Laurie Stewart was the First Woman to lead a local financial institution here in the Seattle area. She is currently President of Sound Financial Bancorp, and has been for 28 years. She was actually the second choice of the bank’s board, but the man who was first choice turned down the offer.
Stewart believes moving up the ladder should be a “simple progression,” with women rising naturally to the upper levels. But it is not. “It’s still a tough, tough glass ceiling,” she said.
Irene Rosenfeld is another First Woman who garnered attention in the newspaper last week. She is CEO of Mondelez International, a multinational company with an annual revenue of around $30 billion. With sites in 165 countries, Rosenfeld is responsible for 107,000 employees.
Mondelez’ products include chocolate, biscuits, gum, confections, and powdered beverages. Although the company name is not a household word, many of its products are. Some of the most popular are: Oreo, Chips Ahoy!, Triscuit, Toblerone, Sour Patch Kids, Cadbury, Chiclets, Halls, and Tang. I wonder if Rosenfeld gives out free samples.
So, I celebrate these women, and other CEOs, but am sobered by the realization that only 6% of CEOs at S&P 500 companies last year were women. There are probably many reasons. One is the lack of diversity on public company boards. Of the people who hire CEOs, only one in five is a woman. Also, women tend to be hired in human resources and marketing in public companies and most CEOs often have financial and operating officer positions.
There is still much work to be accomplished in the business arena, but there has been progress. In 1995, just 22 years ago, there was not a single female CEO among the Fortune 500 companies. Unfortunately, progress for women in business still moves at a sluggish pace.